Westland Insurance, an independently owned brokerage in Canada, has purchased Andrew Agencies for an undisclosed sum.
The deal is expected to further expand the reach of Westland in central Canada.
Founded in 1913, Andrew Agencies is a full-service insurance and financial services company in the Prairies.
It operate 22 locations across Manitoba, Saskatchewan, and Alberta provinces.
Andrew Agencies primarily focuses on insurance products and professionalised services across small to medium-sized commercial and auto businesses, homeowners, and agriculture / farm owners.
Commenting on the deal, Westland president and CEO Jamie Lyons said: “We’re thrilled to welcome Andrew Agencies to Westland.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“Their culture, reputation, leadership and impressive track record of growth and innovation are highly complementary to our national expansion strategy. We’re excited to add their deep capabilities in P&C insurance, as well as life insurance and financial services, to our growing platform in Central Canada.”
Dowling Hales served as financial adviser to Andrew Agencies in the deal.
Andrew Agencies president and CEO Scott Andrew said: “Andrew Agencies is very excited to join the Westland team. We’ve followed Westland’s progress over the years, and they have a similar management philosophy to ours. They also have solid insurance industry family roots – just like the Andrew family.
“Andrew Agencies has served a growing client base since 1913 and we’re optimistic for the opportunities this acquisition presents to our clients, including expanded products and services, and the opportunities it brings for our employees. Westland’s recent capital partnership with Ontario Teachers’ Pension Plan also makes it a ‘made in Canada solution’ which we fully support.”
Westland also noted that its plans to further grow its business in Canada by making similar strategic acquisitions in future.